High earners to see tax bills fall by £100,000 a year, Ed Miliband to say

Britain’s biggest earners will see their tax bills fall by £100,000 a year
under George Osborne’s budget changes, Ed Miliband said today.

Photo: Alamy

By Rowena Mason, Political Correspondent

9:57AM GMT 27 Nov 2012

The Labour leader will say that thousands of people earning more than £1 million stand to benefit by more than previously thought because of the cut in income tax from 50p to 45p.

The party said it would be publishing new figures showing 8,000 top earners would each stand to gain £107,500 a year from April next year as a result of the changes.

Labour previously said it thought people earning £1 million year would see their tax bills fall by £40,000 a year.

Speaking in Stevenage, Hertfordshire, Mr Miliband is expected to go on the attack today over the Coalition’s efforts to help “the wrong people”.

"David Cameron and George Osborne believe the only way to persuade millionaires to make work harder is to give them more money. But they also seem to believe that the only way to make you work harder is to take money away," he is expected to say.